Quantum(QMCO) GlobeNewswire News Room·2025-03-28 08:30Core Insights - Quantum BioPharma Ltd. reported strong financial and operational results for Q4 and the full year 2024, highlighting a solid balance sheet and sufficient working capital to sustain operations through January 2027 [2][12]. Financial Performance - Cash and cash equivalents increased to 11.1 million USD in 2023 [3]. - Operating expenses were reduced to 23.8 million USD in 2023 [3]. - Net cash used in operations improved by 36%, totaling 10.8 million USD in 2023 [4]. - The net loss for 2024 was 18.2 million USD in 2023 [6]. Research and Development - External research and development fees rose to 3.9 million USD in 2023, due to advancements in key clinical assets [5]. - The company completed a Phase 1 clinical trial for its multiple sclerosis drug, Lucid-21-302, which was deemed safe and well-tolerated [14]. Product Development and Market Strategy - The company initiated the development of rekvry, an alcohol misuse treatment aimed at emergency and hospital settings, addressing an unmet healthcare need [8]. - The clinical trial for unbuzzd demonstrated a significant reduction in blood alcohol concentration, with results showing an average reduction of over 40% faster than control subjects [13]. - Celly Nutrition Corp., the licensee for unbuzzd, is exploring an IPO to raise up to 3.5 million worth of Bitcoin and other cryptocurrencies to diversify its treasury [16]. - The company is focused on building a multi-channel distribution strategy for unbuzzd, with upcoming launches in collaboration with FUSION Distribution [12][16].